FORT LAUDERDALE, Fla., Oct 27, 2009 /PRNewswire-FirstCall via COMTEX/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today announced that it has signed agreements to acquire Valley Honda and Valley Acura in Spokane, Washington.
The stores will be renamed AppleWay Honda and AppleWay Acura after the completion of the transaction, which is expected to take place by the end of 2009, and they will become the 9th and 10th new vehicle franchises owned by AutoNation in Spokane. The two stores together generated approximately $38 million of sales in fiscal 2008. The transaction is subject to customary terms and conditions, including manufacturer approval.
"Valley Honda and Valley Acura will be an outstanding addition to our brand mix in Spokane," said Michael E. Maroone, AutoNation's president and chief operating officer. "They fit perfectly into our AppleWay market in Eastern Washington, where we already have a strong footprint and a great management team. This acquisition will enable us to serve an even wider customer base in Spokane. We will continue to look for acquisition opportunities such as this one to enhance our position in our key markets."
The stores are located at 8201 and 8325 East Sprague Avenue, Spokane, Washington. The current owners, Ray Kish and Rick Rielly, will not remain with the stores following the closing.
Currently, AutoNation's AppleWay stores in Spokane, Washington offer new vehicles from Toyota, Chevrolet, Subaru, Volkswagen, Audi, Mazda, Scion and Mitsubishi, as well as used vehicles, parts and services.
About AutoNation, Inc.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer. A component of the Standard and Poor's 500 Index, AutoNation owns and operates 245 new vehicle franchises in 15 states. For additional information, please visit www.AutoNation.com, where more than 70,000 vehicles are available for sale.
SOURCE AutoNation, Inc.
http://www.AutoNation.com